Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 25, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | CONSOL Coal Resources LP | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-14901 | |
Entity Incorporation, State or Country Code | DE | |
Entity Central Index Key | 0001637558 | |
Entity Filer Category | Accelerated Filer | |
Amendment Flag | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Tax Identification Number | 47-3445032 | |
Entity Address, Address Line One | 1000 CONSOL Energy Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317-6506 | |
City Area Code | 724 | |
Local Phone Number | 416-8300 | |
Title of 12(b) Security | Common Units representing limited partner interests | |
Trading Symbol | CCR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,021,699 | |
Subordinated Units | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,611,067 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenue from contracts with customers | $ 88,619 | $ 97,035 | $ 173,410 | $ 189,259 | |
Other Income | 1,028 | 1,022 | 2,344 | 3,299 | |
Total Revenue and Other Income | 89,647 | 98,057 | 175,754 | 192,558 | |
Costs and Expenses [Abstract] | |||||
Operating and Other Costs | [1] | 58,450 | 57,299 | 110,544 | 109,586 |
Depreciation, Depletion and Amortization | 11,336 | 11,896 | 22,553 | 22,710 | |
Freight Expense | 964 | 4,361 | 2,629 | 8,833 | |
Selling, General and Administrative Expenses | [2] | 2,953 | 3,341 | 7,513 | 6,361 |
Interest Expense, Net | [3] | 1,557 | 1,784 | 2,908 | 3,735 |
Total Costs | 75,260 | 78,681 | 146,147 | 151,225 | |
Net Income | 14,387 | 19,376 | 29,607 | 41,333 | |
Less: General Partner Interest in Net Income | 242 | 328 | 499 | 700 | |
Limited Partner Interest in Net Income | $ 14,145 | $ 19,048 | $ 29,108 | $ 40,633 | |
Earnings Per Share [Abstract] | |||||
Net Income per Limited Partner Unit - Basic (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 | |
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.47 | |
Limited Partner Units Outstanding - Basic (in shares) | 27,632,766 | 27,520,333 | 27,611,089 | 27,501,543 | |
Limited Partner Units Outstanding - Diluted (in shares) | 27,653,823 | 27,588,062 | 27,649,547 | 27,578,427 | |
Common Units | |||||
Costs and Expenses [Abstract] | |||||
Net Income | $ 8,201 | $ 11,013 | $ 16,877 | $ 23,490 | |
Earnings Per Share [Abstract] | |||||
Net Income per Limited Partner Unit - Basic (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 | |
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.47 | |
Limited Partner Units Outstanding - Basic (in shares) | 16,021,699 | 15,909,266 | 16,000,022 | 15,890,476 | |
Limited Partner Units Outstanding - Diluted (in shares) | 16,042,756 | 15,976,995 | 16,038,480 | 15,967,360 | |
Cash Distributions Declared per Unit (in dollars per share) | [4] | $ 512.5000 | $ 512.5000 | $ 1,025 | $ 1,025 |
Subordinated Units | |||||
Costs and Expenses [Abstract] | |||||
Limited Partner Interest in Net Income | $ 5,944 | $ 8,035 | $ 12,231 | $ 17,143 | |
Earnings Per Share [Abstract] | |||||
Net Income per Limited Partner Unit - Basic (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 | |
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 | |
Limited Partner Units Outstanding - Basic (in shares) | 11,611,067 | 11,611,067 | 11,611,067 | 11,611,067 | |
Limited Partner Units Outstanding - Diluted (in shares) | 11,611,067 | 11,611,067 | 11,611,067 | 11,611,067 | |
Cash Distributions Declared per Unit (in dollars per share) | [4] | $ 512.5000 | $ 512.5000 | $ 1,025 | $ 1,025 |
Coal Revenue | |||||
Revenue from contracts with customers | $ 87,655 | $ 92,674 | $ 170,781 | $ 180,426 | |
Freight Revenue | |||||
Revenue from contracts with customers | $ 964 | $ 4,361 | $ 2,629 | $ 8,833 | |
[1] | Related Party of $767 and $761 for the three months ended and $1,530 and $1,447 for the six months ended June 30, 2019 and June 30, 2018 , respectively. | ||||
[2] | Related Party of $1,974 and $1,953 for the three months ended and $5,030 and $3,598 for the six months ended June 30, 2019 and June 30, 2018 , respectively. | ||||
[3] | Related party of $1,557 and $1,784 for the three months ended and $2,908 and $3,735 six months ended June 30, 2019 and June 30, 2018 , respectively. | ||||
[4] | Represents the cash distributions declared related to the period presented. See Note 16 - Subsequent Events. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - CONSOL Energy - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Expenses from transactions with related party | $ 2,741 | $ 2,714 |
Operating and Other Costs | ||
Expenses from transactions with related party | 767 | 761 |
General And Administrative Expenses | ||
Expenses from transactions with related party | 1,974 | 1,953 |
Interest Expense | ||
Expenses from transactions with related party | $ 1,557 | $ 1,784 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 14,387 | $ 19,376 | $ 29,607 | $ 41,333 |
Other Comprehensive Income (Loss): | ||||
Recognized Net Actuarial Gain | (3) | (2) | (6) | (4) |
Other Comprehensive Loss | (3) | (2) | (6) | (4) |
Comprehensive Income | $ 14,384 | $ 19,374 | $ 29,601 | $ 41,329 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 460 | $ 1,003 |
Trade Receivables | 27,450 | 21,871 |
Other Receivables | 599 | 1,068 |
Inventories | 11,593 | 11,066 |
Prepaid Expenses | 5,537 | 5,096 |
Total Current Assets | 45,639 | 40,104 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 965,678 | 946,298 |
Less—Accumulated Depreciation, Depletion and Amortization | 548,745 | 526,747 |
Total Property, Plant and Equipment—Net | 416,933 | 419,551 |
Other Assets: | ||
Right of Use Asset—Operating Leases | 17,994 | |
Other Assets | 13,531 | 14,908 |
Total Other Assets | 31,525 | 14,908 |
TOTAL ASSETS | 494,097 | 474,563 |
Current Liabilities: | ||
Accounts Payable | 24,811 | 24,834 |
Accounts Payable—Related Party | 380 | 3,831 |
Other Accrued Liabilities | 41,712 | 35,419 |
Total Current Liabilities | 66,903 | 64,084 |
Long-Term Debt: | ||
Affiliated Company Credit Agreement—Related Party | 165,000 | 163,000 |
Finance Lease Obligations | 3,096 | |
Finance Lease Obligations | 5,067 | |
Total Long-Term Debt | 168,096 | 168,067 |
Other Liabilities: | ||
Pneumoconiosis Benefits | 4,683 | 4,260 |
Workers’ Compensation | 3,015 | 3,119 |
Asset Retirement Obligations | 10,776 | 9,775 |
Operating Lease Liability | 14,695 | |
Other | 539 | 518 |
Total Other Liabilities | 33,708 | 17,672 |
TOTAL LIABILITIES | 268,707 | 249,823 |
Partners’ Capital: | ||
General Partner Interest | 12,132 | 12,119 |
Accumulated Other Comprehensive Income | 11,914 | 11,920 |
Total Partners’ Capital | 225,390 | 224,740 |
TOTAL LIABILITIES AND PARTNERS’ CAPITAL | 494,097 | 474,563 |
Common Units | ||
Partners’ Capital: | ||
Limited Partners' Capital Account | 212,435 | 212,122 |
Subordinated Member Units | ||
Partners’ Capital: | ||
Limited Partners' Capital Account | $ (11,091) | $ (11,421) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Common Units | ||
Limited Partners' Units Outstanding (in shares) | 16,021,699 | 15,911,211 |
Subordinated Member Units | ||
Limited Partners' Units Outstanding (in shares) | 11,611,067 | 11,611,067 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Thousands | Total | Common | Accumulated Other Comprehensive Income (Loss) | Limited PartnersCommon | Limited PartnersSubordinated | General Partner |
Balance at December 31, 2018 at Dec. 31, 2017 | $ 213,156 | $ 10,443 | $ 205,974 | $ (15,225) | $ 11,964 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net Income | 21,957 | 12,477 | 9,108 | 372 | ||
Unitholder Distributions | (14,346) | (8,153) | (5,951) | (242) | ||
Unit-Based Compensation | 359 | 359 | ||||
Units Withheld for Taxes | (899) | (899) | ||||
Actuarially Determined Long-Term Liability Adjustments | (2) | (2) | ||||
Balance at June 30, 2019 at Mar. 31, 2018 | 220,225 | 10,441 | 209,758 | (12,068) | 12,094 | |
Balance at December 31, 2018 at Dec. 31, 2017 | 213,156 | 10,443 | 205,974 | (15,225) | 11,964 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net Income | 41,333 | $ 23,490 | ||||
Actuarially Determined Long-Term Liability Adjustments | (4) | |||||
Balance at June 30, 2019 at Jun. 30, 2018 | 225,760 | 10,439 | 213,126 | (9,983) | 12,178 | |
Balance at December 31, 2018 at Mar. 31, 2018 | 220,225 | 10,441 | 209,758 | (12,068) | 12,094 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net Income | 19,376 | 11,013 | 11,013 | 8,035 | 328 | |
Unitholder Distributions | (14,347) | (8,153) | (5,950) | (244) | ||
Unit-Based Compensation | 508 | 508 | ||||
Units Withheld for Taxes | 0 | 0 | ||||
Actuarially Determined Long-Term Liability Adjustments | (2) | (2) | ||||
Balance at June 30, 2019 at Jun. 30, 2018 | 225,760 | 10,439 | 213,126 | (9,983) | 12,178 | |
Balance at December 31, 2018 at Dec. 31, 2018 | 224,740 | 11,920 | 212,122 | (11,421) | 12,119 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net Income | 15,220 | 8,676 | 6,287 | 257 | ||
Unitholder Distributions | (14,405) | (8,211) | (5,951) | (243) | ||
Unit-Based Compensation | 397 | 397 | ||||
Units Withheld for Taxes | (880) | (880) | ||||
Actuarially Determined Long-Term Liability Adjustments | (3) | (3) | ||||
Balance at June 30, 2019 at Mar. 31, 2019 | 225,069 | 11,917 | 212,104 | (11,085) | 12,133 | |
Balance at December 31, 2018 at Dec. 31, 2018 | 224,740 | 11,920 | 212,122 | (11,421) | 12,119 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net Income | 29,607 | 16,877 | ||||
Actuarially Determined Long-Term Liability Adjustments | (6) | |||||
Balance at June 30, 2019 at Jun. 30, 2019 | 225,390 | 11,914 | 212,435 | (11,091) | 12,132 | |
Balance at December 31, 2018 at Mar. 31, 2019 | 225,069 | 11,917 | 212,104 | (11,085) | 12,133 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net Income | 14,387 | $ 8,201 | 8,201 | 5,944 | 242 | |
Unitholder Distributions | (14,404) | (8,211) | (5,950) | (243) | ||
Unit-Based Compensation | 341 | 341 | ||||
Units Withheld for Taxes | 0 | 0 | ||||
Actuarially Determined Long-Term Liability Adjustments | (3) | (3) | ||||
Balance at June 30, 2019 at Jun. 30, 2019 | $ 225,390 | $ 11,914 | $ 212,435 | $ (11,091) | $ 12,132 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 29,607 | $ 41,333 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 22,553 | 22,710 |
Loss (Gain) on Sale of Assets | 5 | (62) |
Unit-Based Compensation | 738 | 867 |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | (5,101) | 9,072 |
Inventories | (527) | 1,285 |
Prepaid Expenses | (441) | 930 |
Changes in Other Assets | 1,377 | 967 |
Changes in Operating Liabilities: | ||
Accounts Payable | (1,160) | 1,723 |
Accounts Payable—Related Party | (3,451) | 384 |
Other Operating Liabilities | 2,902 | (1,466) |
Changes in Other Liabilities | 576 | 470 |
Net Cash Provided by Operating Activities | 47,078 | 78,213 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (18,046) | (12,179) |
Proceeds from Sales of Assets | 4 | 165 |
Net Cash Used in Investing Activities | (18,042) | (12,014) |
Cash Flows from Financing Activities: | ||
Payments on Finance Leases | (1,890) | (1,411) |
Net Proceeds from (Payments on) Related Party Long-Term Notes | 2,000 | (36,083) |
Payments for Unitholder Distributions | (28,809) | (28,693) |
Units Withheld for Taxes | (880) | (899) |
Net Cash Used in Financing Activities | (29,579) | (67,086) |
Net Decrease in Cash | (543) | (887) |
Cash at Beginning of Period | 1,003 | 1,533 |
Cash at End of Period | 460 | 646 |
Non-Cash Investing and Financing Activities: | ||
Finance Lease | $ 0 | $ 11,495 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION: The accompanying unaudited Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. For the three and six months ended June 30, 2019 and 2018 , the unaudited Consolidated Financial Statements include the accounts of CONSOL Operating and CONSOL Thermal Holdings, wholly owned and controlled subsidiaries. The Partnership is a master limited partnership formed on March 16, 2015 to manage and further develop all of our sponsor's active coal operations in Pennsylvania. As of June 30, 2019 , the Partnership's assets are comprised of a 25% undivided interest in, and operational control over, the Pennsylvania Mining Complex. The Partnership's common units trade on the New York Stock Exchange under the ticker symbol “CCR.” Recent Accounting Pronouncements: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership’s financial statements. In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements on fair value measurements including the consideration of costs and benefits. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In June 2016, the FASB issued ASU 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this, the amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. In May 2019, the FASB updated Topic 326 by issuing ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments in these Updates will be applied using a modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Management does not expect this update to have a material impact on the Partnership's financial statements. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE: The following table disaggregates our revenue by major source for the three and six months ended June 30, 2019 and June 30, 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Coal Revenue $ 87,655 $ 92,674 $ 170,781 $ 180,426 Freight Revenue 964 4,361 2,629 8,833 Total Revenue from Contracts with Customers $ 88,619 $ 97,035 $ 173,410 $ 189,259 Our revenue is recognized when title passes to the customer. We have determined that each ton of coal represents a separate and distinct performance obligation. Our coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of our contracts is based on the total amount of consideration to which we expect to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per-ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to our performance obligations based on relative standalone selling prices determined at contract inception. Coal Revenue Revenues are recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. Our coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base-price per ton. None of the Partnership's coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. Some of our contracts span multiple years and have annual pricing modification provisions, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Also, some of our contracts contain favorable electric power price related adjustments, which represent market-driven price adjustments, wherein there is no additional value being exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While we do, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs have been immaterial to our net income. As of and for the three and six months ended June 30, 2019 and June 30, 2018 , we do not have any capitalized costs to obtain customer contracts on our balance sheet nor have we recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Partnership has not recognized any revenue in the current period from performance obligations satisfied (or partially satisfied) in previous periods. Freight Revenue Some of our coal contracts require that we sell our coal at locations other than our central preparation plant. The cost to transport our coal to the ultimate sales point is passed through to our customers and we recognize the freight revenue equal to the transportation cost when title of the coal passes to the customer. Contract Balances Contract assets are recorded as trade receivables and reported separately in the Partnership's unaudited Consolidated Balance Sheets from other contract assets as title passes to the customer and the Partnership's right to consideration becomes unconditional. Payments for coal shipments are typically due within two to four weeks of the invoice date. The Partnership typically does not have material contract assets that are stated separately from trade receivables as the Partnership's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Partnership an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Partnership's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the good or service passes to the customer. |
Net Income Per Limited Partner
Net Income Per Limited Partner and General Partner Interest | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner and General Partner Interest | NET INCOME PER LIMITED PARTNER AND GENERAL PARTNER INTEREST: The Partnership allocates net income among our general partner and limited partners using the two-class method in accordance with applicable authoritative accounting guidance. Under the two-class method, we allocate our net income to our limited partners and our general partner in accordance with the terms of our Partnership Agreement. We also allocate any earnings in excess of distributions to our limited partners and our general partner in accordance with the terms of our Partnership Agreement. We allocate any distributions in excess of earnings for the period to our general partner and our limited partners based on their respective proportionate ownership interests in us, after taking into account distributions to be paid with respect to the incentive distribution rights, as set forth in the Partnership Agreement. Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the long-term incentive plan, were exercised, settled or converted into common units. When it is determined that potential common units resulting from an award subject to performance or market conditions should be included in the diluted net income per limited partner unit calculation, the impact is reflected by applying the treasury stock method. The following table illustrates the Partnership’s calculation of net income per unit for common units and subordinated units (in thousands, except for per unit information): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net Income $ 14,387 $ 19,376 $ 29,607 $ 41,333 Less: General Partner Interest in Net Income 242 328 499 700 Net Income Allocable to Limited Partner Units $ 14,145 $ 19,048 $ 29,108 $ 40,633 Limited Partner Interest in Net Income - Common Units $ 8,201 $ 11,013 $ 16,877 $ 23,490 Limited Partner Interest in Net Income - Subordinated Units 5,944 8,035 12,231 17,143 Limited Partner Interest in Net Income - Basic & Diluted $ 14,145 $ 19,048 $ 29,108 $ 40,633 Weighted Average Limited Partner Units Outstanding - Basic Common Units 16,021,699 15,909,266 16,000,022 15,890,476 Subordinated Units 11,611,067 11,611,067 11,611,067 11,611,067 Total 27,632,766 27,520,333 27,611,089 27,501,543 Weighted Average Limited Partner Units Outstanding - Diluted Common Units 16,042,756 15,976,995 16,038,480 15,967,360 Subordinated Units 11,611,067 11,611,067 11,611,067 11,611,067 Total 27,653,823 27,588,062 27,649,547 27,578,427 Net Income Per Limited Partner Unit - Basic Common Units $ 0.51 $ 0.69 $ 1.05 $ 1.48 Subordinated Units $ 0.51 $ 0.69 $ 1.05 $ 1.48 Net Income Per Limited Partner Unit - Basic $ 0.51 $ 0.69 $ 1.05 $ 1.48 Net Income Per Limited Partner Unit - Diluted Common Units $ 0.51 $ 0.69 $ 1.05 $ 1.47 Subordinated Units $ 0.51 $ 0.69 $ 1.05 $ 1.48 Net Income Per Limited Partner Unit - Diluted $ 0.51 $ 0.69 $ 1.05 $ 1.47 There were zero phantom units excluded from the computation of the diluted earnings per unit, because their effect would be anti-dilutive for the three and six months ended June 30, 2019 . There were 126,799 phantom units excluded from the computation of the diluted earnings per unit, because their effect would be anti-dilutive for the three and six months ended June 30, 2018 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: June 30, December 31, Coal $ 970 $ 1,160 Supplies 10,623 9,906 Total Inventories $ 11,593 $ 11,066 Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion and amortization, and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in our coal operations. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: June 30, December 31, Coal and Other Plant and Equipment $ 653,407 $ 636,105 Coal Properties and Surface Lands 122,674 122,679 Airshafts 104,313 102,275 Mine Development 81,538 81,538 Advance Mining Royalties 3,746 3,701 Total Property, Plant and Equipment 965,678 946,298 Less: Accumulated Depreciation, Depletion and Amortization 548,745 526,747 Total Property, Plant and Equipment, Net $ 416,933 $ 419,551 Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary; however, the lease terms generally are extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. As of June 30, 2019 and December 31, 2018 , property, plant and equipment includes gross assets under finance lease of $ 11,882 and $ 11,919 , respectively. Accumulated amortization for finance leases was $ 5,415 and $ 3,529 at June 30, 2019 and December 31, 2018 , respectively. Amortization expense for assets under finance leases approximated $966 and $968 for the three months ended and $ 1,933 and $ 1,295 for the six months ended June 30, 2019 and June 30, 2018 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying unaudited Consolidated Statements of Operations. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES: On January 1, 2019, the Partnership adopted Accounting Standards Codification (“ASC”) Topic 842 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements. As allowed under this guidance, the Partnership elected not to recast the comparative periods presented when transitioning to ASC 842. As most of the Partnership's leases do not provide an implicit rate, the Partnership has taken a portfolio approach of applying its incremental borrowing rate based on the information available at the adoption date to calculate the present value of lease payments over the lease term. The Partnership has elected the package of practical expedients permitted under the transition guidance within the standard, which allows the Partnership (1) to not reassess whether any expired or existing contracts are or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. The Partnership has also elected the practical expedient to not evaluate land easements that existed or expired before its adoption of Topic 842 and the practical expedient to not separate lease and non-lease components; that is, to account lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Partnership made an accounting policy election to keep leases with an initial term of twelve months or less off the Consolidated Balance Sheets. The Partnership will recognize those lease payments in the unaudited Consolidated Statements of Operations over the lease term. For the three and six months ended June 30, 2019 , these short term lease expenses were not material to the Partnership's financial statements. Based on the Partnership's lease portfolio, the standard had a material impact on the Partnership’s unaudited Consolidated Balance Sheets, but did not have a significant impact on the Partnership’s consolidated net earnings and cash flows. The most significant impact was the recognition of Right of Use (“ROU”) assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. The Partnership's bank covenants were not affected by this update. The Partnership recorded operating lease ROU assets and operating lease liabilities of approximately $ 20 million as of January 1, 2019, primarily related to mining equipment, based on the present value of the future lease payments on the date of adoption. The Partnership determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Partnership is the lessee, ROU assets represent the Partnership’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Partnership’s leases do not provide an implicit interest rate, the Partnership uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Partnership will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Partnership has operating leases for mining or other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend the leases, and some leases include options to terminate or buy out the leases within a set period of time. In some of the Partnership’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of our operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of our leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. For the three and six ended June 30, 2019 , the components of operating lease expense were as follows: Three Months Ended Six Months Ended Fixed Operating Lease Expense $ 1,538 $ 3,180 Variable Operating Lease Expense 825 1,588 Total Operating Lease Expense $ 2,363 $ 4,768 Supplemental cash flow information related to the Partnership’s operating leases for the six months ended June 30, 2019 was as follows: Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 1,886 ROU Assets Obtained in Exchange for Operating Lease Obligations $ — The following table presents the lease balances within the unaudited Consolidated Balance Sheets, weighted average lease term, and weighted average discount rates related to the Partnership’s operating leases as of June 30, 2019 : Lease Assets and Liabilities Classification Amount Assets: Operating Lease ROU Assets Other Assets $ 17,994 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 3,839 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 14,695 Total Operating Lease Liabilities $ 18,534 Weighted Average Remaining Lease Term (in Years) 4.39 Weighted Average Discount Rate 6.69 % The Partnership also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in Property, Plant and Equipment, Net and the liabilities are included in Other Accrued Liabilities and Long-Term Debt in the Partnership's unaudited Consolidated Balance Sheets. For the three and six months ended June 30, 2019 , the components of finance lease expense were as follows: Three Months Ended Six Months Ended Amortization of Right of Use Assets $ 966 $ 1,933 Interest Expense $ 96 $ 205 The following table presents the weighted average lease term and weighted average discount rates related to the Partnership’s finance leases as of June 30, 2019 : Weighted Average Remaining Lease Term (in Years) 1.70 Weighted Average Discount Rate 5.25 % The following table presents the future maturities of the Partnership’s operating and finance lease liabilities, together with the present value of the net minimum lease payments, at June 30, 2019 : Finance Leases Operating Leases Remainder of 2019 $ 1,747 $ 2,913 2020 4,181 5,686 2021 1,055 5,483 2022 15 3,029 2023 11 1,314 Thereafter — 3,044 Total minimum lease payments $ 7,009 $ 21,469 Less amount representing interest 318 2,935 Present value of minimum lease payments $ 6,691 $ 18,534 As of June 30, 2019 , the Partnership had no additional significant operating or finance leases that had not yet commenced. |
Leases | LEASES: On January 1, 2019, the Partnership adopted Accounting Standards Codification (“ASC”) Topic 842 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements. As allowed under this guidance, the Partnership elected not to recast the comparative periods presented when transitioning to ASC 842. As most of the Partnership's leases do not provide an implicit rate, the Partnership has taken a portfolio approach of applying its incremental borrowing rate based on the information available at the adoption date to calculate the present value of lease payments over the lease term. The Partnership has elected the package of practical expedients permitted under the transition guidance within the standard, which allows the Partnership (1) to not reassess whether any expired or existing contracts are or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. The Partnership has also elected the practical expedient to not evaluate land easements that existed or expired before its adoption of Topic 842 and the practical expedient to not separate lease and non-lease components; that is, to account lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Partnership made an accounting policy election to keep leases with an initial term of twelve months or less off the Consolidated Balance Sheets. The Partnership will recognize those lease payments in the unaudited Consolidated Statements of Operations over the lease term. For the three and six months ended June 30, 2019 , these short term lease expenses were not material to the Partnership's financial statements. Based on the Partnership's lease portfolio, the standard had a material impact on the Partnership’s unaudited Consolidated Balance Sheets, but did not have a significant impact on the Partnership’s consolidated net earnings and cash flows. The most significant impact was the recognition of Right of Use (“ROU”) assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. The Partnership's bank covenants were not affected by this update. The Partnership recorded operating lease ROU assets and operating lease liabilities of approximately $ 20 million as of January 1, 2019, primarily related to mining equipment, based on the present value of the future lease payments on the date of adoption. The Partnership determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Partnership is the lessee, ROU assets represent the Partnership’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Partnership’s leases do not provide an implicit interest rate, the Partnership uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Partnership will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Partnership has operating leases for mining or other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend the leases, and some leases include options to terminate or buy out the leases within a set period of time. In some of the Partnership’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of our operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of our leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. For the three and six ended June 30, 2019 , the components of operating lease expense were as follows: Three Months Ended Six Months Ended Fixed Operating Lease Expense $ 1,538 $ 3,180 Variable Operating Lease Expense 825 1,588 Total Operating Lease Expense $ 2,363 $ 4,768 Supplemental cash flow information related to the Partnership’s operating leases for the six months ended June 30, 2019 was as follows: Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 1,886 ROU Assets Obtained in Exchange for Operating Lease Obligations $ — The following table presents the lease balances within the unaudited Consolidated Balance Sheets, weighted average lease term, and weighted average discount rates related to the Partnership’s operating leases as of June 30, 2019 : Lease Assets and Liabilities Classification Amount Assets: Operating Lease ROU Assets Other Assets $ 17,994 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 3,839 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 14,695 Total Operating Lease Liabilities $ 18,534 Weighted Average Remaining Lease Term (in Years) 4.39 Weighted Average Discount Rate 6.69 % The Partnership also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in Property, Plant and Equipment, Net and the liabilities are included in Other Accrued Liabilities and Long-Term Debt in the Partnership's unaudited Consolidated Balance Sheets. For the three and six months ended June 30, 2019 , the components of finance lease expense were as follows: Three Months Ended Six Months Ended Amortization of Right of Use Assets $ 966 $ 1,933 Interest Expense $ 96 $ 205 The following table presents the weighted average lease term and weighted average discount rates related to the Partnership’s finance leases as of June 30, 2019 : Weighted Average Remaining Lease Term (in Years) 1.70 Weighted Average Discount Rate 5.25 % The following table presents the future maturities of the Partnership’s operating and finance lease liabilities, together with the present value of the net minimum lease payments, at June 30, 2019 : Finance Leases Operating Leases Remainder of 2019 $ 1,747 $ 2,913 2020 4,181 5,686 2021 1,055 5,483 2022 15 3,029 2023 11 1,314 Thereafter — 3,044 Total minimum lease payments $ 7,009 $ 21,469 Less amount representing interest 318 2,935 Present value of minimum lease payments $ 6,691 $ 18,534 As of June 30, 2019 , the Partnership had no additional significant operating or finance leases that had not yet commenced. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: June 30, December 31, 2018 Subsidence Liability $ 22,731 $ 20,883 Accrued Payroll and Benefits 4,527 2,693 Accrued Interest (Related Party) 2,049 1,767 Accrued Other Taxes 453 1,071 Other 1,443 2,440 Current Portion of Long-Term Liabilities: Operating Lease Liability 3,839 — Finance Leases 3,595 3,503 Workers’ Compensation 1,841 1,554 Asset Retirement Obligations 954 1,202 Pneumoconiosis Benefits 152 165 Long-Term Disability 128 141 Total Other Accrued Liabilities $ 41,712 $ 35,419 |
Affiliated Company Credit Agree
Affiliated Company Credit Agreement | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Affiliated Company Credit Agreement | AFFILIATED COMPANY CREDIT AGREEMENT: June 30, December 31, Affiliated Company Credit Agreement (3.75% interest rate at June 30, 2019 and December 31, 2018) $ 165,000 $ 163,000 Affiliated Company Credit Agreement On November 28, 2017, the Partnership and the other Credit Parties entered into the Affiliated Company Credit Agreement by and among the Credit Parties, CONSOL Energy, as lender and administrative agent, and PNC. On March 28, 2019, the Affiliated Company Credit Agreement was amended to extend the maturity date from February 27, 2023 to December 28, 2024. The Affiliated Company Credit Agreement provides for a revolving credit facility in an aggregate principal amount of up to $275,000 to be provided by CONSOL Energy, as lender. In connection with the Partnership’s entry into the Affiliated Company Credit Agreement, the Partnership made an initial draw of $200,583 , the net proceeds of which were used to repay the amounts outstanding under the Partnership's prior credit facility. Additional drawings under the Affiliated Company Credit Agreement are available for general partnership purposes. The obligations under the Affiliated Company Credit Agreement are guaranteed by the Partnership’s subsidiaries and secured by substantially all of the assets of the Partnership and its subsidiaries pursuant to the security agreement and various mortgages. Interest on outstanding obligations under our Affiliated Company Credit Agreement accrues at a fixed rate ranging from 3.75% to 4.75% , depending on the total net leverage ratio. The unused portion of our Affiliated Company Credit Agreement is subject to a commitment fee of 0.50% per annum. The Partnership had available capacity under the Affiliated Company Credit Agreement of $110,000 and $112,000 as of June 30, 2019 and December 31, 2018 , respectively. Interest on outstanding borrowings under the Affiliated Company Credit Agreement was accrued at a rate of 3.75% as of June 30, 2019 and December 31, 2018 . The Affiliated Company Credit Agreement contains certain covenants and conditions that, among other things, limit the Partnership’s ability to: (i) incur or guarantee additional debt; (ii) make cash distributions (subject to certain limited exceptions); provided that we will be able to make cash distributions of available cash to partners so long as no event of default is continuing or would result therefrom; (iii) incur certain liens or permit them to exist; (iv) make particular investments and loans; provided that we will be able to increase our ownership percentage of our undivided interest in the Pennsylvania Mining Complex and make investments in the Pennsylvania Mining Complex in accordance with our ratable ownership; (v) enter into certain types of transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer, sell or otherwise dispose of assets. The Partnership is also subject to covenants that require the Partnership to maintain certain financial ratios. For example, the Partnership is obligated to maintain at the end of each fiscal quarter (a) maximum first lien gross leverage ratio of 2.75 to 1.00 and (b) a maximum total net leverage ratio of 3.25 to 1.00 , each of which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quart er. At June 30, 2019 , the Partnership was in compliance with its debt covenants with the first lien gross leverage ratio a t 1.56 to 1.00 and the total net leverage ratio at 1.55 to 1.00 . |
Components of Coal Workers' Pne
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs | COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS: The Partnership is obligated to CONSOL Energy for medical and disability benefits to certain CPCC employees and their dependents resulting from occurrences of coal workers’ pneumoconiosis disease and is also obligated to CONSOL Energy to compensate certain individuals who are entitled benefits under workers’ compensation laws. CWP Workers ’ Compensation Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2019 2018 2019 2018 2019 2018 2019 2018 Service Cost $ 200 $ 372 $ 400 $ 745 $ 349 $ 366 $ 698 $ 732 Interest Cost 48 36 97 72 41 35 82 70 Amortization of Actuarial (Gain) Loss 7 (5 ) 13 (11 ) (12 ) (1 ) (24 ) (3 ) State Administrative Fees and Insurance Bond Premiums — — — — 45 22 96 29 Net Periodic Benefit Cost $ 255 $ 403 $ 510 $ 806 $ 423 $ 422 $ 852 $ 828 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: The Partnership determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including LIBOR-based discount rates), while unobservable inputs reflect the Partnership’s own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. Level One - Quoted prices for identical instruments in active markets. Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including LIBOR-based discount rates. Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. The significant unobservable inputs used in the fair value measurement of the Partnership’s third party guarantees are the credit risk of the third party and the third party surety bond markets. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Affiliated Company Credit Agreement - Related Party $ 165,000 $ 165,000 $ 163,000 $ 163,000 The Partnership’s debt obligations are valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: The Partnership is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations (including environmental remediation), employment and contract disputes and other claims and actions arising out of the normal course of its business. We accrue the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. Our current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Partnership. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of the Partnership; however, such amounts cannot be reasonably estimated. At June 30, 2019 , the Partnership was contractually obligated to CONSOL Energy for financial guarantees and letters of credit to certain third parties which were issued by CONSOL Energy on behalf of the Partnership. The maximum potential total of future payments that we could be required to make under these instruments is $98,546 . The instruments are comprised of $856 of letters of credit expiring within the next three years, $88,814 of environmental surety bonds expiring within the next three years , and $8,876 of employee-related and other surety bonds expiring within the next three years . Employee-related financial guarantees have primarily been provided to support various state workers’ compensation and federal black lung self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other guarantees have been extended to support insurance policies, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these financial guarantees and letters of credit are recorded as liabilities on the financial statements. The Partnership’s management believes that these guarantees will expire without being funded, and therefore the commitments will not have a material adverse effect on the financial condition of the Partnership. |
Receivables Financing Agreement
Receivables Financing Agreement | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Receivables Financing Agreement | RECEIVABLES FINANCING AGREEMENT On November 30, 2017, (i) CONSOL Marine Terminals LLC, as an originator of receivables, (ii) CPCC, as an originator of receivables and as initial servicer of the receivables for itself and the other originators (collectively, the “Originators”), each a wholly owned subsidiary of CONSOL Energy, and (iii) CONSOL Funding LLC (the “SPV”), as buyer, entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”). Concurrently, (i) CONSOL Thermal Holdings, as sub-originator, and (ii) CPCC, as buyer and as initial servicer of the receivables for itself and CONSOL Thermal Holdings, entered into a Sub-Originator Agreement (the “Sub-Originator PSA”). In addition, on that date, the SPV entered into a Receivables Financing Agreement (the “Receivables Financing Agreement”) by and among (i) the SPV, as borrower, (ii) CPCC, as initial servicer, (iii) PNC, as administrative agent, LC Bank and lender, and (iv) the additional persons from time to time party thereto as lenders. Together, the Purchase and Sale Agreement, the Sub-Originator PSA and the Receivables Financing Agreement establish the primary terms and conditions of an accounts receivable securitization program (the “Securitization”). On August 30, 2018, the Securitization was amended, among other things, to extend the scheduled termination date to August 30, 2021. Pursuant to the Securitization, (i) CONSOL Thermal Holdings will sell current and future trade receivables to CPCC and (ii) the Originators will sell and/or contribute current and future trade receivables (including receivables sold to CPCC by CONSOL Thermal Holdings) to the SPV and the SPV will, in turn, pledge its interests in the receivables to PNC, which will either make loans or issue letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the Securitization may not exceed $100,000 . Loans under the Securitization will accrue interest at a reserve-adjusted LIBOR market index rate equal to the one-month Eurodollar rate. Loans and letters of credit under the Securitization also will accrue a program fee and participation fee, respectively, ranging from 2.00% to 2.50% per annum , depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments. The SPV’s assets and credit are not available to satisfy the debts and obligations owed to the creditors of CONSOL Energy, CONSOL Thermal Holdings or any of the Originators. CONSOL Thermal Holdings, the Originators and CPCC as servicer are independently liable for their own customary representations, warranties, covenants and indemnities. In addition, CONSOL Energy has guaranteed the performance of the obligations of CONSOL Thermal Holdings, the Originators and CPCC as servicer, and will guarantee the obligations of any additional originators or successor servicer that may become party to the Securitization. However, neither CONSOL Energy nor its affiliates will guarantee collectability of receivables or the creditworthiness of obligors thereunder. The Securitization contains various customary representations and warranties, covenants and default provisions which provide for the termination and acceleration of the commitments and loans under the Securitization in circumstances including, but not limited to, failure to make payments when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. As of June 30, 2019 , the Partnership, through CONSOL Thermal Holdings, sold $27,450 of trade receivables to CPCC. The Partnership has not derecognized the receivables due to its continued involvement in the collections efforts. |
Related Party
Related Party | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party | RELATED PARTY: Omnibus Agreement The Partnership is a party to the Omnibus Agreement, dated September 30, 2016, as amended on November 28, 2017, with our sponsor and certain of its subsidiaries. Under the Omnibus Agreement, we are obligated to make certain payments to, and reimburse, CONSOL Energy for the provision of certain services in connection with our operations. Charges for services from CONSOL Energy under the Omnibus Agreement include the following: Three Months Ended Six Months Ended 2019 2018 2019 2018 Operating and Other Costs $ 767 $ 761 $ 1,530 $ 1,447 Selling, General and Administrative Expenses 1,974 1,953 5,030 3,598 Total Services from CONSOL Energy $ 2,741 $ 2,714 $ 6,560 $ 5,045 At June 30, 2019 and December 31, 2018 , the Partnership had a net payable to CONSOL Energy in the amount of $380 and $3,831 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the Omnibus Agreement. Affiliated Company Credit Agreement As described in Note 8, the Partnership is also a party to the Affiliated Company Credit Agreement with CONSOL Energy. For the three and six months ended June 30, 2019 , $1,971 and $ 3,766 , respectively, of interest was incurred under the Affiliated Company Credit Agreement, of which $1,557 and $ 2,908 , respectively, is included in Interest Expense, Net in the unaudited Consolidated Statements of Operations, and $414 and $ 858 , respectively, was capitalized and included in Property, Plant and Equipment in the unaudited Consolidated Balance Sheets. For the three and six months ended June 30, 2018 , $1,976 and $ 4,110 , respectively, of interest was incurred under the Affiliated Company Credit Agreement, of which $1,784 and $ 3,735 , respectively, is included in Interest Expense, Net in the unaudited Consolidated Statements of Operations, and $192 and $ 375 , respectively, was capitalized and included in Property, Plant and Equipment in the unaudited Consolidated Balance Sheets. Interest is calculated based upon a fixed rate, determined quarterly, depending on the total net leverage ratio. For the three and six months ended June 30, 2019 the average interest rate was 3.75% and for the three and six months ended June 30, 2018 , the average interest rate was 4.01% and 4.13% , respectively . See Note 8 - Affiliated Company Credit Agreement for more information. Repurchase Program In May 2019, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock, unit and debt repurchase program. The program previously allowed CONSOL Energy to use up to $25 million of the program to purchase CONSOL Coal Resources LP's outstanding common units in the open market. CONSOL Energy's Board of Directors approved changing the termination date of the program from June 30, 2019 to June 30, 2020. Also, in accordance with CONSOL Energy’s credit facility covenants as of June 30, 2019 , the total amount that can be used for repurchases of both its own securities and the Partnership's outstanding common units was raised to $50 million . During the six months ended June 30, 2019 , 6,884 common units were purchased at an average price of $17.35 per unit. |
Long-Term Incentive Plan
Long-Term Incentive Plan | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Long-Term Incentive Plan | LONG-TERM INCENTIVE PLAN: Under the CONSOL Coal Resources LP 2015 Long-Term Incentive Plan (the “LTIP”), our general partner may issue long-term equity-based awards to directors, officers and employees of our general partner or its affiliates, or to any consultants, affiliates of our general partner or other individuals who perform services for us. These awards are intended to compensate the recipients thereof based on the performance of our common units and their continued service during the vesting period, as well as to align their long-term interests with those of our unitholders. We are responsible for the cost of awards granted under the LTIP and all determinations with respect to awards to be made under the LTIP will be made by the board of directors of our general partner or any committee thereof that may be established for such purpose or by any delegate of the board of directors or such committee, subject to applicable law, which we refer to as the plan administrator. The LTIP limits the number of units that may be delivered pursuant to vested awards to 2,300,000 common units, subject to proportionate adjustment in the event of unit splits and similar events. Common units subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminated without delivery of the common units will be available for delivery pursuant to other awards. The Partnership recognizes forfeitures as they occur. The general partner has granted equity-based phantom units that vest over a period of a recipient’s continued service with the Partnership. The phantom units will be paid in common units or an amount of cash equal to the fair market value of a unit based on the vesting date. The awards may accelerate upon a change in control of the Partnership. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting term. The Partnership recognized compensation expense of $341 and $510 for the three months ended and $738 and $867 for the six months ended June 30, 2019 and June 30, 2018 , respectively, which is included in Selling, General and Administrative Expense in the unaudited Consolidated Statements of Operations. As of June 30, 2019 , there is $828 of unearned compensation that will vest over a weighted average period of 0.59 years. There were no phantom units that vested during the three months ended June 30, 2019 . The total fair value of phantom units vested during the three months ended June 30, 2018 was $50 . The total fair value of phantom units vested during the six months ended June 30, 2019 and June 30, 2018 was $2,905 and $2,468 , respectively. The following represents the nonvested phantom units and their corresponding weighted average grant date fair value: Number of Units Weighted Average Grant Date Fair Value per Unit Nonvested at December 31, 2018 223,676 $ 15.67 Granted 17,190 $ 17.45 Vested (158,491 ) $ 13.40 Forfeited (2,069 ) $ 18.95 Nonvested at June 30, 2019 80,306 $ 18.63 |
Financial Information For Subsi
Financial Information For Subsidiary Guarantors and Finance Subsidiary of Possible Future Public Debt | 6 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Financial Information For Subsidiary Guarantors and Finance Subsidiary of Possible Future Public Debt | FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND FINANCE SUBSIDIARY OF POSSIBLE FUTURE PUBLIC DEBT: The Partnership filed a Registration Statement on Form S-3 (333-215962) with the SEC on March 10, 2017, which was declared effective by the SEC on March 14, 2017, to register the offer and sale of various securities, including debt securities. The registration statement registers guarantees of debt securities by CONSOL Operating and CONSOL Thermal Holdings (“Subsidiary Guarantors”). The Subsidiary Guarantors are 100% owned by the Partnership and any guarantees by the Subsidiary Guarantors will be full and unconditional and joint and several. In addition, the registration statement also includes CONSOL Coal Finance, which was formed for the sole purpose of co-issuing future debt securities with the Partnership. CONSOL Coal Finance is wholly owned by the Partnership, has no assets or any liabilities and its activities will be limited to co-issuing debt securities and engaging in other activities incidental thereto. The Partnership does not have any other subsidiaries other than the Subsidiary Guarantors and CONSOL Coal Finance. In addition, the Partnership has no assets or operations independent of the Subsidiary Guarantors, and there are no significant restrictions upon the ability of the Subsidiary Guarantors to distribute funds to the Partnership by dividend or loan other than under the Affiliated Company Credit Agreement described in these notes. In the event that more than one of the Subsidiary Guarantors guarantee public debt securities of the Partnership in the future, those guarantees will be full and unconditional and will constitute the joint and several obligations of the Subsidiary Guarantors. None of the assets of the Partnership, the Subsidiary Guarantors or CONSOL Coal Finance represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act of 1933, as amended. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: On July 25, 2019, the Board of Directors of our general partner declared a cash distribution of $0.5125 per unit for the quarter ended June 30, 2019 to the limited partner unitholders and the holder of the general partner interest. The cash distribution will be paid on August 15, 2019 to the unitholders of record at the close of business on August 8, 2019. On July 25, 2019, the Board of Directors of our general partner announced that upon payment of the cash distribution with respect to the quarter ended June 30, 2019 , the financial requirements for the conversion of all subordinated units will be satisfied. As a result, on August 16, 2019, all 11,611,067 subordinated units, which are owned entirely by CONSOL Energy Inc., will be converted into common units on a one -for-one basis. The conversion will not impact the amount of the cash distribution paid or the total number of the Partnership's outstanding units representing limited partner interests. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. For the three and six months ended June 30, 2019 and 2018 , the unaudited Consolidated Financial Statements include the accounts of CONSOL Operating and CONSOL Thermal Holdings, wholly owned and controlled subsidiaries. |
Recent Accounting Pronouncements | In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership’s financial statements. In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements on fair value measurements including the consideration of costs and benefits. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In June 2016, the FASB issued ASU 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this, the amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. In May 2019, the FASB updated Topic 326 by issuing ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments in these Updates will be applied using a modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Management does not expect this update to have a material impact on the Partnership's financial statements. |
Revenue | Our revenue is recognized when title passes to the customer. We have determined that each ton of coal represents a separate and distinct performance obligation. Our coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of our contracts is based on the total amount of consideration to which we expect to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per-ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to our performance obligations based on relative standalone selling prices determined at contract inception. Coal Revenue Revenues are recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. Our coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base-price per ton. None of the Partnership's coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. Some of our contracts span multiple years and have annual pricing modification provisions, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Also, some of our contracts contain favorable electric power price related adjustments, which represent market-driven price adjustments, wherein there is no additional value being exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While we do, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs have been immaterial to our net income. As of and for the three and six months ended June 30, 2019 and June 30, 2018 , we do not have any capitalized costs to obtain customer contracts on our balance sheet nor have we recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Partnership has not recognized any revenue in the current period from performance obligations satisfied (or partially satisfied) in previous periods. Freight Revenue Some of our coal contracts require that we sell our coal at locations other than our central preparation plant. The cost to transport our coal to the ultimate sales point is passed through to our customers and we recognize the freight revenue equal to the transportation cost when title of the coal passes to the customer. |
Leases | The Partnership determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Partnership is the lessee, ROU assets represent the Partnership’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Partnership’s leases do not provide an implicit interest rate, the Partnership uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Partnership will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Partnership has operating leases for mining or other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend the leases, and some leases include options to terminate or buy out the leases within a set period of time. In some of the Partnership’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of our operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of our leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by End User Location | The following table disaggregates our revenue by major source for the three and six months ended June 30, 2019 and June 30, 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Coal Revenue $ 87,655 $ 92,674 $ 170,781 $ 180,426 Freight Revenue 964 4,361 2,629 8,833 Total Revenue from Contracts with Customers $ 88,619 $ 97,035 $ 173,410 $ 189,259 |
Net Income Per Limited Partne_2
Net Income Per Limited Partner and General Partner Interest (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the Partnership’s calculation of net income per unit for common units and subordinated units (in thousands, except for per unit information): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net Income $ 14,387 $ 19,376 $ 29,607 $ 41,333 Less: General Partner Interest in Net Income 242 328 499 700 Net Income Allocable to Limited Partner Units $ 14,145 $ 19,048 $ 29,108 $ 40,633 Limited Partner Interest in Net Income - Common Units $ 8,201 $ 11,013 $ 16,877 $ 23,490 Limited Partner Interest in Net Income - Subordinated Units 5,944 8,035 12,231 17,143 Limited Partner Interest in Net Income - Basic & Diluted $ 14,145 $ 19,048 $ 29,108 $ 40,633 Weighted Average Limited Partner Units Outstanding - Basic Common Units 16,021,699 15,909,266 16,000,022 15,890,476 Subordinated Units 11,611,067 11,611,067 11,611,067 11,611,067 Total 27,632,766 27,520,333 27,611,089 27,501,543 Weighted Average Limited Partner Units Outstanding - Diluted Common Units 16,042,756 15,976,995 16,038,480 15,967,360 Subordinated Units 11,611,067 11,611,067 11,611,067 11,611,067 Total 27,653,823 27,588,062 27,649,547 27,578,427 Net Income Per Limited Partner Unit - Basic Common Units $ 0.51 $ 0.69 $ 1.05 $ 1.48 Subordinated Units $ 0.51 $ 0.69 $ 1.05 $ 1.48 Net Income Per Limited Partner Unit - Basic $ 0.51 $ 0.69 $ 1.05 $ 1.48 Net Income Per Limited Partner Unit - Diluted Common Units $ 0.51 $ 0.69 $ 1.05 $ 1.47 Subordinated Units $ 0.51 $ 0.69 $ 1.05 $ 1.48 Net Income Per Limited Partner Unit - Diluted $ 0.51 $ 0.69 $ 1.05 $ 1.47 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | June 30, December 31, Coal $ 970 $ 1,160 Supplies 10,623 9,906 Total Inventories $ 11,593 $ 11,066 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | June 30, December 31, Coal and Other Plant and Equipment $ 653,407 $ 636,105 Coal Properties and Surface Lands 122,674 122,679 Airshafts 104,313 102,275 Mine Development 81,538 81,538 Advance Mining Royalties 3,746 3,701 Total Property, Plant and Equipment 965,678 946,298 Less: Accumulated Depreciation, Depletion and Amortization 548,745 526,747 Total Property, Plant and Equipment, Net $ 416,933 $ 419,551 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of lease and supplemental cash flow information | For the three and six months ended June 30, 2019 , the components of finance lease expense were as follows: Three Months Ended Six Months Ended Amortization of Right of Use Assets $ 966 $ 1,933 Interest Expense $ 96 $ 205 The following table presents the weighted average lease term and weighted average discount rates related to the Partnership’s finance leases as of June 30, 2019 : Weighted Average Remaining Lease Term (in Years) 1.70 Weighted Average Discount Rate 5.25 % three and six ended June 30, 2019 , the components of operating lease expense were as follows: Three Months Ended Six Months Ended Fixed Operating Lease Expense $ 1,538 $ 3,180 Variable Operating Lease Expense 825 1,588 Total Operating Lease Expense $ 2,363 $ 4,768 Supplemental cash flow information related to the Partnership’s operating leases for the six months ended June 30, 2019 was as follows: Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 1,886 ROU Assets Obtained in Exchange for Operating Lease Obligations $ — |
Schedule of lease balances, weighted average lease terms and discount rates | The following table presents the lease balances within the unaudited Consolidated Balance Sheets, weighted average lease term, and weighted average discount rates related to the Partnership’s operating leases as of June 30, 2019 : Lease Assets and Liabilities Classification Amount Assets: Operating Lease ROU Assets Other Assets $ 17,994 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 3,839 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 14,695 Total Operating Lease Liabilities $ 18,534 Weighted Average Remaining Lease Term (in Years) 4.39 Weighted Average Discount Rate 6.69 % |
Schedule of future maturities of finance lease liabilities | The following table presents the future maturities of the Partnership’s operating and finance lease liabilities, together with the present value of the net minimum lease payments, at June 30, 2019 : Finance Leases Operating Leases Remainder of 2019 $ 1,747 $ 2,913 2020 4,181 5,686 2021 1,055 5,483 2022 15 3,029 2023 11 1,314 Thereafter — 3,044 Total minimum lease payments $ 7,009 $ 21,469 Less amount representing interest 318 2,935 Present value of minimum lease payments $ 6,691 $ 18,534 |
Schedule of future maturities of operating lease liabilities | The following table presents the future maturities of the Partnership’s operating and finance lease liabilities, together with the present value of the net minimum lease payments, at June 30, 2019 : Finance Leases Operating Leases Remainder of 2019 $ 1,747 $ 2,913 2020 4,181 5,686 2021 1,055 5,483 2022 15 3,029 2023 11 1,314 Thereafter — 3,044 Total minimum lease payments $ 7,009 $ 21,469 Less amount representing interest 318 2,935 Present value of minimum lease payments $ 6,691 $ 18,534 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | June 30, December 31, 2018 Subsidence Liability $ 22,731 $ 20,883 Accrued Payroll and Benefits 4,527 2,693 Accrued Interest (Related Party) 2,049 1,767 Accrued Other Taxes 453 1,071 Other 1,443 2,440 Current Portion of Long-Term Liabilities: Operating Lease Liability 3,839 — Finance Leases 3,595 3,503 Workers’ Compensation 1,841 1,554 Asset Retirement Obligations 954 1,202 Pneumoconiosis Benefits 152 165 Long-Term Disability 128 141 Total Other Accrued Liabilities $ 41,712 $ 35,419 |
Affiliated Company Credit Agr_2
Affiliated Company Credit Agreement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | June 30, December 31, Affiliated Company Credit Agreement (3.75% interest rate at June 30, 2019 and December 31, 2018) $ 165,000 $ 163,000 |
Components of Coal Workers' P_2
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | CWP Workers ’ Compensation Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2019 2018 2019 2018 2019 2018 2019 2018 Service Cost $ 200 $ 372 $ 400 $ 745 $ 349 $ 366 $ 698 $ 732 Interest Cost 48 36 97 72 41 35 82 70 Amortization of Actuarial (Gain) Loss 7 (5 ) 13 (11 ) (12 ) (1 ) (24 ) (3 ) State Administrative Fees and Insurance Bond Premiums — — — — 45 22 96 29 Net Periodic Benefit Cost $ 255 $ 403 $ 510 $ 806 $ 423 $ 422 $ 852 $ 828 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Affiliated Company Credit Agreement - Related Party $ 165,000 $ 165,000 $ 163,000 $ 163,000 |
Related Party (Tables)
Related Party (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Charges for services from CONSOL Energy under the Omnibus Agreement include the following: Three Months Ended Six Months Ended 2019 2018 2019 2018 Operating and Other Costs $ 767 $ 761 $ 1,530 $ 1,447 Selling, General and Administrative Expenses 1,974 1,953 5,030 3,598 Total Services from CONSOL Energy $ 2,741 $ 2,714 $ 6,560 $ 5,045 |
Long-Term Incentive Plan (Table
Long-Term Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Phantom Units | The following represents the nonvested phantom units and their corresponding weighted average grant date fair value: Number of Units Weighted Average Grant Date Fair Value per Unit Nonvested at December 31, 2018 223,676 $ 15.67 Granted 17,190 $ 17.45 Vested (158,491 ) $ 13.40 Forfeited (2,069 ) $ 18.95 Nonvested at June 30, 2019 80,306 $ 18.63 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Pennsylvania Mining Complex | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 25.00% |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 88,619 | $ 97,035 | $ 173,410 | $ 189,259 |
Coal Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 87,655 | 92,674 | 170,781 | 180,426 |
Freight Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 964 | $ 4,361 | $ 2,629 | $ 8,833 |
Net Income Per Limited Partne_3
Net Income Per Limited Partner and General Partner Interest (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Limited Partners' Capital Account [Line Items] | ||||||
Net Income | $ 14,387 | $ 15,220 | $ 19,376 | $ 21,957 | $ 29,607 | $ 41,333 |
Less: General Partner Interest in Net Income | 242 | 328 | 499 | 700 | ||
Net Income Allocable to Limited Partner Units | 14,145 | 19,048 | 29,108 | 40,633 | ||
Limited Partner Interest in Net Income - Subordinated Units | $ 14,145 | $ 19,048 | $ 29,108 | $ 40,633 | ||
Weighted Average Limited Partner Units Outstanding - Basic (in shares) | 27,632,766 | 27,520,333 | 27,611,089 | 27,501,543 | ||
Weighted Average Limited Partner Units Outstanding - Diluted (in shares) | 27,653,823 | 27,588,062 | 27,649,547 | 27,578,427 | ||
Net Income per Limited Partner Unit - Basic (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 | ||
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.47 | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 126,799 | 0 | 126,799 | ||
Common Units | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Net Income | $ 8,201 | $ 11,013 | $ 16,877 | $ 23,490 | ||
Weighted Average Limited Partner Units Outstanding - Basic (in shares) | 16,021,699 | 15,909,266 | 16,000,022 | 15,890,476 | ||
Weighted Average Limited Partner Units Outstanding - Diluted (in shares) | 16,042,756 | 15,976,995 | 16,038,480 | 15,967,360 | ||
Net Income per Limited Partner Unit - Basic (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 | ||
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.47 | ||
Subordinated Units | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Limited Partner Interest in Net Income - Subordinated Units | $ 5,944 | $ 8,035 | $ 12,231 | $ 17,143 | ||
Weighted Average Limited Partner Units Outstanding - Basic (in shares) | 11,611,067 | 11,611,067 | 11,611,067 | 11,611,067 | ||
Weighted Average Limited Partner Units Outstanding - Diluted (in shares) | 11,611,067 | 11,611,067 | 11,611,067 | 11,611,067 | ||
Net Income per Limited Partner Unit - Basic (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 | ||
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.05 | $ 1.48 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Coal | $ 970 | $ 1,160 |
Supplies | 10,623 | 9,906 |
Total Inventories | $ 11,593 | $ 11,066 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | $ 965,678 | $ 965,678 | $ 946,298 | ||
Less—Accumulated Depreciation, Depletion and Amortization | 548,745 | 548,745 | 526,747 | ||
Total Property, Plant and Equipment—Net | 416,933 | 416,933 | 419,551 | ||
Gross assets under finance lease | 11,882 | 11,882 | |||
Gross assets under capital lease | 11,919 | ||||
Accumulated amortization for finance leases | 5,415 | 5,415 | |||
Accumulated amortization for capital leases | 3,529 | ||||
Amortization of Right of Use Assets | 966 | 1,933 | |||
Amortization expense for assets under capital lease | $ 968 | $ 1,295 | |||
Coal and Other Plant and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 653,407 | 653,407 | 636,105 | ||
Coal Properties and Surface Lands | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 122,674 | 122,674 | 122,679 | ||
Airshafts | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 104,313 | 104,313 | 102,275 | ||
Mine Development | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 81,538 | 81,538 | 81,538 | ||
Advance Mining Royalties | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | $ 3,746 | $ 3,746 | $ 3,701 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of Use Asset—Operating Leases | $ 17,994 | |
Operating Lease Liability | $ 18,534 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of Use Asset—Operating Leases | $ 20,000 | |
Operating Lease Liability | $ 20,000 |
Leases - Components of expense
Leases - Components of expense and supplemental cash flow information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Operating Lease | ||
Fixed Operating Lease Expense | $ 1,538 | $ 3,180 |
Variable Operating Lease Expense | 825 | 1,588 |
Total Operating Lease Expense | 2,363 | 4,768 |
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | 1,886 | |
ROU Assets Obtained in Exchange for Operating Lease Obligations | 0 | |
Finance Lease | ||
Amortization of Right of Use Assets | 966 | 1,933 |
Interest Expense | $ 96 | $ 205 |
Weighted Average Remaining Lease Term (in Years) | 1 year 8 months 12 days | 1 year 8 months 12 days |
Weighted Average Discount Rate | 5.25% | 5.25% |
Leases - Schedule of lease bala
Leases - Schedule of lease balances, weighted average lease terms and discount rates (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Lease ROU Assets | $ 17,994 |
Current: Operating Lease Liabilities | 3,839 |
Long-Term: Operating Lease Liabilities | 14,695 |
Total Operating Lease Liabilities | $ 18,534 |
Weighted Average Remaining Lease Term (in Years) | 4 years 4 months 20 days |
Weighted Average Discount Rate | 6.69% |
Leases - Schedule of future mat
Leases - Schedule of future maturities of lease liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Finance Leases | |
Remainder of 2019 | $ 1,747 |
2020 | 4,181 |
2021 | 1,055 |
2022 | 15 |
2023 | 11 |
Thereafter | 0 |
Total minimum lease payments | 7,009 |
Less amount representing interest | 318 |
Present value of minimum lease payments | 6,691 |
Operating Leases | |
Remainder of 2019 | 2,913 |
2020 | 5,686 |
2021 | 5,483 |
2022 | 3,029 |
2023 | 1,314 |
Thereafter | 3,044 |
Total minimum lease payments | 21,469 |
Less amount representing interest | 2,935 |
Present value of minimum lease payments | $ 18,534 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Subsidence Liability | $ 22,731 | $ 20,883 |
Accrued Payroll and Benefits | 4,527 | 2,693 |
Accrued Interest (Related Party) | 2,049 | 1,767 |
Accrued Other Taxes | 453 | 1,071 |
Other | 1,443 | 2,440 |
Current Portion of Long-Term Liabilities: | ||
Operating Lease Liability | 3,839 | |
Finance Leases | 3,595 | |
Finance Leases | 3,503 | |
Workers’ Compensation | 1,841 | 1,554 |
Asset Retirement Obligations | 954 | 1,202 |
Pneumoconiosis Benefits | 152 | 165 |
Long-Term Disability | 128 | 141 |
Total Other Accrued Liabilities | $ 41,712 | $ 35,419 |
Affiliated Company Credit Agr_3
Affiliated Company Credit Agreement - Schedule of Credit Agreement (Details) - Revolving Credit Facility - Secured Debt - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Affiliated Company Credit Agreement (3.75% interest rate at June 30, 2019 and December 31, 2018) | $ 165,000 | $ 163,000 |
Accrual rate for period (as a percent) | 3.75% | 3.75% |
Affiliated Company Credit Agr_4
Affiliated Company Credit Agreement - Narrative (Details) - Affiliated Entity - Line of Credit - Affiliated Company Credit Agreement | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 28, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Aggregate principal amount (up to) | $ 275,000,000 | ||
Borrowings outstanding | $ 200,583,000 | ||
Commitment fee (as a percent) | 0.50% | ||
Unused capacity | $ 110,000,000 | $ 112,000,000 | |
Accrual rate for period (as a percent) | 3.75% | ||
Maximum first lien gross leverage ratio | 2.75 | ||
Maximum total leverage ratio | 3.25 | ||
First lien gross leverage ratio | 1.56 | ||
Total net leverage ratio | 1.55 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Fixed rate (as a percent) | 3.75% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Fixed rate (as a percent) | 4.75% |
Components of Coal Workers' P_3
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Coal Workers Pneumoconiosis | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 200 | $ 372 | $ 400 | $ 745 |
Interest Cost | 48 | 36 | 97 | 72 |
Amortization of Actuarial (Gain) Loss | 7 | (5) | 13 | (11) |
State Administrative Fees and Insurance Bond Premiums | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 255 | 403 | 510 | 806 |
Workers Compensation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 349 | 366 | 698 | 732 |
Interest Cost | 41 | 35 | 82 | 70 |
Amortization of Actuarial (Gain) Loss | (12) | (1) | (24) | (3) |
State Administrative Fees and Insurance Bond Premiums | 45 | 22 | 96 | 29 |
Net periodic benefit cost | $ 423 | $ 422 | $ 852 | $ 828 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Affiliated Company Credit Agreement - Related Party | $ 165,000 | $ 163,000 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Affiliated Company Credit Agreement - Related Party | $ 165,000 | $ 163,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 98,546 |
Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | 856 |
Environment Related Contingency | Surety Bond | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 88,814 |
Instrument expiration period (in years) | 3 years |
Employee Related Contingency | Surety Bond | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 8,876 |
Instrument expiration period (in years) | 3 years |
Receivables Financing Agreeme_2
Receivables Financing Agreement (Details) - Receivables Financing Agreement - USD ($) | Nov. 30, 2017 | Jun. 30, 2019 |
Line of Credit Facility [Line Items] | ||
Maximum amount of advances | $ 100,000,000 | |
Trade receivables sold | $ 27,450,000 | |
Minimum | ||
Line of Credit Facility [Line Items] | ||
Program and participation fee (as a percent) | 2.00% | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Program and participation fee (as a percent) | 2.50% |
Related Party - Schedule of Re
Related Party - Schedule of Related Party Transactions (Details) - CONSOL Energy - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 2,741 | $ 2,714 | $ 6,560 | $ 5,045 |
Operating and Other Costs | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 767 | 761 | 1,530 | 1,447 |
Selling, General and Administrative Expenses | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 1,974 | $ 1,953 | $ 5,030 | $ 3,598 |
Related Party - Narrative (Deta
Related Party - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | May 08, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||||
Accounts Payable—Related Party | $ 380,000 | $ 380,000 | $ 3,831,000 | |||
Additional authorized amount | $ 25,000,000 | |||||
Restricted authorized amount | 50,000,000 | $ 50,000,000 | ||||
Shares repurchased and retired (in shares) | 6,884 | |||||
Shares repurchased and retired, average price (in dollars per share) | $ 17.35 | |||||
CONSOL Energy | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts Payable—Related Party | 380,000 | $ 380,000 | $ 3,831,000 | |||
Expenses from transactions with related party | 2,741,000 | $ 2,714,000 | 6,560,000 | $ 5,045,000 | ||
CONSOL Energy | Interest Expense, Including Capitalized Interest | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions with related party | 1,971,000 | 1,976,000 | 3,766,000 | 4,110,000 | ||
CONSOL Energy | Interest Expense | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions with related party | $ 1,557,000 | $ 1,784,000 | $ 2,908,000 | $ 3,735,000 | ||
Accrual rate for period (as a percent) | 3.75% | 4.01% | 3.75% | 4.13% | ||
CONSOL Energy | Capitalized Interest | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions with related party | $ 414,000 | $ 192,000 | $ 858,000 | $ 375,000 |
Long-Term Incentive Plan - Narr
Long-Term Incentive Plan - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units vested (in shares) | 0 | |||
Fair value of restricted stock units vested | $ 50 | $ 2,905 | $ 2,468 | |
Common Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized under LTIP (in shares) | 2,300,000 | 2,300,000 | ||
Common Units | Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unearned compensation | $ 828 | $ 828 | ||
Unearned compensation expense amortization period | 7 months 2 days | |||
Common Units | Selling, General and Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amortization expense due to vesting | $ 341 | $ 510 | $ 738 | $ 867 |
Long-Term Incentive Plan - Sch
Long-Term Incentive Plan - Schedule of Nonvested Phantom Units (Details) - Phantom Share Units (PSUs) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Vested (in shares) | 0 | |
Long-Term Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Nonvested beginning of period (in shares) | 223,676 | |
Granted (in shares) | 17,190 | |
Vested (in shares) | (158,491) | |
Forfeited (in shares) | (2,069) | |
Nonvested end of the period (in shares) | 80,306 | 80,306 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested beginning of period (in dollars per share) | $ 15.67 | |
Granted (in dollars per share) | 17.45 | |
Vested (in dollars per share) | 13.40 | |
Forfeited (in dollars per share) | 18.95 | |
Nonvested end of period (in dollars per share) | $ 18.63 | $ 18.63 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Aug. 16, 2019 | Jul. 25, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Common Units | |||||||
Subsequent Event [Line Items] | |||||||
Cash distributions declared per unit (in dollars per share) | [1] | $ 512.5000 | $ 512.5000 | $ 1,025 | $ 1,025 | ||
Subordinated Units | |||||||
Subsequent Event [Line Items] | |||||||
Cash distributions declared per unit (in dollars per share) | [1] | $ 512.5000 | $ 512.5000 | $ 1,025 | $ 1,025 | ||
Subsequent Event | Common Units | |||||||
Subsequent Event [Line Items] | |||||||
Cash distributions declared per unit (in dollars per share) | $ 0.5125 | ||||||
Forecast | Common Units | |||||||
Subsequent Event [Line Items] | |||||||
Conversion basis (in shares) | 1 | ||||||
Forecast | Subordinated Units | |||||||
Subsequent Event [Line Items] | |||||||
Number of units converted (in shares) | 11,611,067 | ||||||
[1] | Represents the cash distributions declared related to the period presented. See Note 16 - Subsequent Events. |